On the economic outlook of the luxury market in India and the potential impact it may have on brands, a Deloitte India spokesperson said: "A rapidly rising urban middle class with increasing disposable income is expected to drive sales of luxury goods. The demand for luxury goods is expected to remain strong, and India remains the bright spot among Asian and BRIC countries, despite the tax on luxury goods."

Emerging consumer markets continue to drive luxury market growth. In China, Russia and the United Arab Emirates, that are categorised as emerging luxury markets, 70 per cent of consumers claimed to have increased their spending in the last five years as compared to 53 per cent in the more mature markets (EU, US and Japan).

The report noted that the world's 100 largest luxury goods companies generated sales of USD 212 billion in 2014-15. The average luxury goods annual sales for a top 100 company stood at $2.1 billion.

The fourth annual Global Powers of Luxury Goods report, titled 'The new luxury consumer', examines and lists the 100 largest luxury goods companies globally, based on publicly available data for consolidated sales of luxury goods in 2014 -2015.